Use the following to answer questions 20 29

GHT Corporation reports the following amounts in its December 31, 20XD income statement:

Net sales $1,656,200 Cost of goods sold $869,400

Utilities expense 89,500 Interest revenue 15,000

Sales disc 22,100 Salaries expense 305,900

Advertising expense 297,400 Effective income tax rate 35%

Question 20

20. $____________Determine Sales

Question 21

21. $____________Determine gross profit

Question 22

22. $____________Determine operating expenses

Question 23

23. $____________Determine Income before income taxes (IBT)

Question 24

24. $____________Determine Income tax expense

Question 25

25. $____________Determine net income

Question 26

26. ___ ___.___% Calculate gross profit ratio (round to one decimal place).

Question 27

27. _____________Comparing GHTs common sized income statement with its competitor. The competitors gross margin is 43.6%, which company is doing better?

GHT

Compeitor

Cannot be determined

Question 28

28. ___ ___.___% Calculate GHTs operating expenses as a percentage of their sales (one decimal place).

Question 29

29. _____________The competitors operating expenses are 37.9% which company is doing better controlling their operating expenses?

GHT

Competitor

Cannot be determined